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Restaurant Point of Sale (POS) Terminal Market Expected to Reach $44.6 Billion by 2031—Allied Market Research

 
2022
Restaurant Point of Sale (POS) Terminal Market

Report Code : A30184

quote The surge in reliance of digitalized operations of the restaurants and increase in adoption of POS terminal are expected to drive the growth of restaurant POS terminal market in upcoming years. quote

Kanhaiya Kathoke - Research Analyst
BFSI at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Restaurant Point of Sale (POS) Terminal Market By Component (Hardware, Software, Services), By Deployment Mode (On-Premise, Cloud), By Type (Fixed POS, Mobile POS), By Application (Front End, Back End), By End User (Full-Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional FSR, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031". The restaurant point of sale (pos) terminal market was valued at $16.5 billion in 2021, and is estimated to reach $44.6 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.

The adoption of digital ordering channels helped a few restaurants survive the pandemic while using POS for contactless payments. The effective management facility of upgraded point-of-sale (POS) terminals, as opposed to manual systems or traditional cash registers, supports the rise in demand for restaurant point of sale terminal market. The POS system features such as sales analysis, inventory management, customer feedback, and personnel management analysis propel the market's expansion.

Technological developments have been a crucial trend that have become more and more popular in the market for restaurant POS terminals. To satisfy customer demand and maintain their position, major players in the restaurant point of sale terminal market are concentrating on innovative technical solutions. For instance, Future Group, an Indian conglomerate, introduced LivQui, a cloud-based PoS solution based on Poynt's Smart Terminal technology, in August 2019. It offers a framework of applications that enables retailers to expand their operations through better inventory control. In addition, it offers a quick and secure checkout procedure utilizing their preferred payment option.

Further, mobile POS solutions, often run on tablets or smartphones, were becoming increasingly popular. They provide flexibility and allow servers to take orders and process payments directly at the table, enhancing the dining experience. Furthermore, POS systems were being integrated with other restaurant management tools such as inventory management, employee scheduling, and customer relationship management. This integration streamlines operations and reduces manual data entry. In addition, restaurants were leveraging POS data to gain insights into customer behavior, popular menu items, peak hours, and other trends. This information helps in making informed business decisions. Moreover, Restaurants have varied needs, so POS systems that offer customization and scalability were in demand. This allows businesses to tailor the system to their specific requirements and grow without significant disruptions., 

On the basis of type, the fixed POS segment acquired a major share in the restaurant point of sale terminal market trends in 2021. This is attributed to the fact that most brick-and-mortar restaurants and retail stores have generally preferred fixed POS solutions over mPOS, as they offer more features and functionality.

By region, Asia-Pacific acquired the largest market size in restaurant point of sale terminal market in 2021. This is attributed to the rapidly expanding and evolving foodservice industry in countries, such as India and China, as a result of favorable demographic conditions and increased disposable income levels.

The pandemic had a moderate impact on restaurant point of sale terminal industry as most of the restaurants adopted POS terminal to follow social distancing norms. Moreover, the COVID-19 pandemic prompted people to stay indoors and refrain from outside activities, which impacted the restaurant point of sale terminal market growth. Despite the fact that many restaurants were able to maintain their operations owing to the online ordering system, the fall in sales of new POS systems was caused by the income loss.

Key Findings of the Study

  • By end user, the full-service restaurant (FSR) segment led the highest restaurant point of sale terminal market share in terms of revenue in 2021.
  • By component, the software segment is expected to exhibit the fastest growth rate during the forecast period.
  • Region-wise, Asia-Pacific generated the highest revenue in restaurant point of sale terminal market size in 2021.  

The key players operating in the restaurant POS terminal market analysis include Aures Group, Diebold Nixdorf, Incorporated, Hewlett Packard Enterprise Development LP, INGENICO, Lightspeed Management Company, LLC, NCR Corporation, Oracle, Panasonic Corporation, PAX Technology Limited, Posist Technologies Pvt. Ltd., Posiflex Technology, Revel Systems, Shift4, Squirrel System, Touch Dynamic, Cake, and Toast. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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quote Restaurant Point of Sale (POS) Terminal Market by Component (Hardware, Software, Services), by Deployment Mode (On-Premise, Cloud), by Type (Fixed POS, Mobile POS), by Application (Front End, Back End), by End User (Full-service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional FSR, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031 quote

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